It was a cosmetically dated, but solid starter house in a desirable school district.

If you are buying to hold long-term, invest in good cashflowing deals, in solid B markets, with growing economics, don't over pay, put as little of your own money in as possible, and have 6-12 months expenses reserves for your situation and to support any real estate. 

Currently the buildings have higher end tenants already with a solid leasing team which lives on premises.

@Wei Cho the rental market in Austin is pretty solid overall.  

Honestly, why ask a public forum to guess at your financial viability when one phone call to your lender would give you a solid answer (granted, you need a good loan officer) for free.Good luck.

It's dangerous to make tax decisions based on one podcast without a solid foundation of understanding real estate taxation. 

This would generate cashflow for your current property and would increase it's value due to the additional square footage.I would not recommend selling and renting unless there is a significant difference and the numbers are rock solid.

So, my advice here would just be to make sure you are solid on MHP analysis.

For instance I buy multifamily so I am looking at bigger deals but I want at least a total cash return of $24,000/yr. and in an appreciating market with a solid building I am ok with a 5% CoCr. 

@Oscar Jara Bigger Pockets has some solid choices of course.